The EUR/USD market has been witnessing highly unpredictable movements for the past few days, creating an atmosphere of uncertainty among traders. Instead of displaying a clear trend over the course of a year, the market has been characterized by sideways movements, lacking a consistent directional bias. It is important to note that the price levels mentioned here...
The EUR/USD price is expected to retrace from a pointed demand zone on the chart, approximately around 1.09820. After the retracement, the price is anticipated to reach the bullish level of 1.10460. Furthermore, today's US inflation data will significantly influence the market's momentum and volatility.
It is expected that the Nifty price will fall to the demand zone and subsequently retrace from it. The anticipated level has been marked on the chart.
Intraday bias in EUR/USD remains neutral for the moment, and further rally is in favor. On the upside, break of 1.0980 will resume the rise from 1.0840 and target 1.1094 resistance. However, firm break of 1.0930 will turn bias to the downside for 1.0840 support instead.
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* EUR/USD Steadies Below 1.0900as Fe hawks, US Data Supersede Ecb Optimists, Eu/US inflation Clues eyed. * 15 Min Chart Shows That the Supply area looks strong right now.